12 8 February 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 43,001 2,173 45,174 36,268 2,632 38,900 6,274 6,733 20 46,990 47,010 47,010 20 xbrli:pure xbrli:shares iso4217:GBP 5317536 2023-01-01 2023-12-31 5317536 2023-12-31 5317536 2022-12-31 5317536 2022-01-01 2022-12-31 5317536 2022-12-31 5317536 2021-12-31 5317536 bus:Director1 2023-01-01 2023-12-31 5317536 bus:Director2 2023-01-01 2023-12-31 5317536 core:WithinOneYear 2023-12-31 5317536 core:WithinOneYear 2022-12-31 5317536 core:ShareCapital 2023-12-31 5317536 core:ShareCapital 2022-12-31 5317536 core:RetainedEarningsAccumulatedLosses 2023-12-31 5317536 core:RetainedEarningsAccumulatedLosses 2022-12-31 5317536 core:BetweenOneFiveYears 2023-12-31 5317536 core:BetweenOneFiveYears 2022-12-31 5317536 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 5317536 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 5317536 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 5317536 core:Non-currentFinancialInstruments 2023-12-31 5317536 core:Non-currentFinancialInstruments 2022-12-31 5317536 bus:Director1 2022-12-31 5317536 bus:Director2 2022-12-31 5317536 bus:Director1 2022-12-31 5317536 bus:Director2 2022-12-31 5317536 bus:Director1 2022-01-01 2022-12-31 5317536 bus:Director2 2022-01-01 2022-12-31 5317536 bus:SmallEntities 2023-01-01 2023-12-31 5317536 bus:Audited 2023-01-01 2023-12-31 5317536 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 5317536 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 5317536 bus:FullAccounts 2023-01-01 2023-12-31 5317536 core:ComputerEquipment 2023-01-01 2023-12-31 5317536 core:ComputerEquipment 2022-12-31 5317536 core:ComputerEquipment 2023-12-31 5317536 core:AllAssociates 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 5317536
Amber House Limited
Annual Report
31 December 2023
Amber House Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
6,274
6,733
Investments
6
47,010
20
--------
-------
53,284
6,753
Current assets
Stocks
1,192,983
1,537,641
Debtors
7
2,335,074
1,318,427
Cash at bank and in hand
1,907,482
1,646,647
------------
------------
5,435,539
4,502,715
Creditors: amounts falling due within one year
8
2,230,645
1,906,311
------------
------------
Net current assets
3,204,894
2,596,404
------------
------------
Total assets less current liabilities
3,258,178
2,603,157
Provisions
Taxation including deferred tax
1,844
1,559
------------
------------
Net assets
3,256,334
2,601,598
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,256,234
2,601,498
------------
------------
Shareholders funds
3,256,334
2,601,598
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings (including profit and loss account) has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
J C Kingham
C M V Bergwerf
Director
Director
Company registration number: 5317536
Amber House Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Dairy, Barcombe Mills Road, Lewes, East Sussex, BN8 5FF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: The directors are required to make judgements and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The judgements and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual values may differ from these judgements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from commissions is accounted for on a receivable basis and is recognised in the period in which the work is performed.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit and loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently measured at fair value with changes in fair value being recognised in profit or loss.
Dividends
Final dividends are recognised at the date of approval by the shareholders.
Interim dividends are recognised as the date paid or deemed to be paid. Deemed to be paid occurs on the entry of the transaction into the company's accounting records where a liability to shareholder(s) is reduced but no creditor is recognised.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. Debt instruments are subsequently measured at amortised cost. Basic financial assets Basic financial assets, which included debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the original recognition of the financial asset. the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised through profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Classification of financial liabilities Financial liabilities are classified according to the substance of the contractual arrangements entered into. Basic financial liabilities Basic financial liabilities, which included creditors and balances with group companies, are initially measured at transaction price including transaction costs. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 14 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2023
43,001
43,001
Additions
2,173
2,173
--------
--------
At 31 December 2023
45,174
45,174
--------
--------
Depreciation
At 1 January 2023
36,268
36,268
Charge for the year
2,632
2,632
--------
--------
At 31 December 2023
38,900
38,900
--------
--------
Carrying amount
At 31 December 2023
6,274
6,274
--------
--------
At 31 December 2022
6,733
6,733
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023
20
Revaluations
46,990
--------
At 31 December 2023
47,010
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
47,010
--------
At 31 December 2022
20
--------
The fixed assets investments were revalued during the year by the directors at fair value. The basis of valuation was deemed to be net asset value and the assumptions underlying the valuation model was core Balance Sheet value in conjunction with ongoing and improved profitability. The change in fair value of £46,990 was recognised through profit or loss. The historic cost of investments £20.
7. Debtors
2023
2022
£
£
Trade debtors
1,358,800
1,200,357
Amounts owed by group undertakings and undertakings in which the company has a participating interest
914,325
Other debtors
61,949
118,070
------------
------------
2,335,074
1,318,427
------------
------------
Trade debtors are subject to a debenture charge over the book debts of the company as part of a financing agreement between the parent company Humble Group AB and its bankers.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,167,237
1,226,582
Amounts owed to group undertakings and undertakings in which the company has a participating interest
180,650
152,412
Corporation tax
344,350
201,084
Social security and other taxes
256,267
97,974
Other creditors
282,141
228,259
------------
------------
2,230,645
1,906,311
------------
------------
Many suppliers of stock lines include a reservation of title clause such that amounts owed to those suppliers and included within trade creditors are secured against the stock held by the company. The maximum value of trade creditors which could be secured this way is £1,266,921.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
25,000
26,250
Later than 1 year and not later than 5 years
29,167
45,000
--------
--------
54,167
71,250
--------
--------
10. Summary audit opinion
The auditor's report dated 8 February 2024 was qualified on the following basis:
We were not appointed as auditor of the company until after 31 December 2021 and thus did not observe the counting of physical stock at the start of the previous year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 1 January 2022, which are included in the comparative figure for cost of sales at £915,925 by using other audit procedures. Consequently we were unable to determine whether any adjustment to these amounts were necessary. Our audit opinion on the financial statements for the year ended 31 December 2022 was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effect of this matter of the comparability of the current period's figures and the corresponding figures. The senior statutory auditor was Spencer Watson FCA , for and on behalf of Buckley Watson Limited .
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
J C Kingham
14,562
( 14,562)
C M V Bergwerf
32,276
( 32,276)
--------
----
--------
----
46,838
( 46,838)
--------
----
--------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
J C Kingham
14,562
14,562
C M V Bergwerf
32,276
32,276
----
--------
----
--------
46,838
46,838
----
--------
----
--------
12. Related party transactions
The company has taken advantage of the exemption made available under FRS 102, para 33.1A not to disclose details of transactions and balances between entities what are wholly owned by the group of which this company is a member.
13. Controlling party
The company is a subsidiary of Humble Group AB, which is incorporated in Sweden. The ultimate controlling party is considered to be Humble Group AB and the results of the company are consolidated into the group financial statements..